In March of this year, Liu Liange, chairman of the state-owned bank from 2019 to 2023, resigned from his position.

A few weeks later, authorities announced Mr Liu had been charged with corruption.

In Xi Jinping’s anti-corruption probe into China’s $60 trillion (£49 trillion) financial sector, the 62-year-old is one of the most senior bankers.

In April, officials warned that the crackdown on corruption in the country’s financial industry was far from over.

A number of high-profile financial executives from state-owned banks have already been fined, jailed, or under investigation – including Wang Bin, who was sentenced to life without parole for bribery. The arrest of Mr Liu comes about a week after he was expelled from China’s ruling Communist Party following accusations of wrongdoing by the country’s top anti-graft watchdog.

Several illicit activities were alleged to have led to significant financial risks for Mr Liu by the regulator.

As well as receiving bribes and other perks such as invitations to private clubs and ski resorts, he is accused of illegally granting loans, bringing banned publications into the country, and using his position at the bank to accept bribes.

Liu had held senior positions in China’s central bank and Export-Import Bank of China, and had been a prominent figure in China’s banking and financial sectors. In 2019, he became chairman of the Bank of China.